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Hong Kong Web3 Firms Spending Millions on Virtual Asset Licensing Regime (VASP) Licenses

June 27 (Cointime) - Web3 companies in Hong Kong are reportedly spending between HKD 20 million to HKD 200 million ($2.55 million to $25.5 million) to acquire Virtual Asset Licensing Regime (VASP) licenses.

The high cost is attributed to the lack of prior infrastructure for traditional financial institutions and even experienced cryptocurrency institutions. Hong Kong subsidiaries of exchanges such as OKX, BitgetX, HashKey Pro, OSL, and Gate.io have already begun operations.

The new VASP licensing requirements for cryptocurrency exchanges in Hong Kong include proper disclosures on user statistics and company financials to the Securities and Futures Commission of Hong Kong for regulatory approval.

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